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題名 文化距離與併購績效之關聯性研究
The research of the relationship between cultural distance and M&A performance
作者 吳承翰
貢獻者 譚丹琪
吳承翰
關鍵詞 跨國併購績效
文化距離
事件研究法
異常報酬
日期 2017
上傳時間 31-七月-2017 11:35:36 (UTC+8)
摘要 本研究收集2000年~2013年間，主併公司為台灣企業，目標公司為非台灣企業且已完成、非自我合併之207個併購案件為樣本，針對文化距離是否對於跨國併購績效有所影響之研究。研究方法使用事件研究法，將事件窗口設為併購宣告之前後五天，得出累積異常報酬率並以此作為衡量併購績效之標準，以之為應變數、文化距離為自變數進行回歸模型分析。本研究分析回歸模型後發現，文化距離與併購績效成顯著正相關。由於在文化距離與母國愈大的地區進行併購，使得主併企業對於各地差異化市場的回應能力強化、得到跨國知識技能轉移、國際化經驗獲得以及市場投資人看好新興市場開發，使得文化距離與併購績效產生正相關。
參考文獻 一、 中文資料
呂桂玲、方慧娟、李榮謙，(2001)，國際間金融整合之發展、問題與啟示，國際金融參考資料，四十七卷
李進龍、呂巍、郭冰，(2012)，制度約束、國家文化差異與企業跨國併購績效-文化差異的競爭性中介作用，上海管理科學，三十四卷四期，12-16頁
林惠玲、葉日崧、曹海濤，(2007)，中國大陸企業對外直接投資之分析，國立台灣大學社科院邁向頂尖大學計畫書
陳麗宇、賴蓉禾，(2013)，董事經驗對企業海外直接投資績效之影響-以美國企業國際併購宣告為例，中山管理評論，21卷1期，199-237頁
張大成、沈中華、朱德芳、謝智源，(2009)，公平交易法對服務業績效之評估與未來展望-以金融業為例，行政院公平交易委員會委託研究報告
莊雅涵，(2015)，跨國併購經驗對併購表現影響之研究-以台灣企業跨國併購為例，國立政治大學國際經營與貿易研究所碩士論文
葉士榮，(2007)，主併公司併購後短期宣告效果與營運績效衡量-台灣上市公司之實證研究，國立交通大學財務金融研究所碩士論文
葉以晨，(2014)，台灣企業國內外購併宣告對股價之影響，國立政治大學國際經營與貿易研究所碩士論文
楊詠清，(2014)，相關與非相關購併對股價之影響，國立政治大學國際經營與貿易研究所碩士論文
蔡映瑄，(2011)，企業學習經驗、國家文化距離與企業海外進入模式，國立政治大學國際經營與貿易研究所碩士論文
蘇倬漢，(2010)，台灣地區上市公司併購宣告對股東財富影響之研究，國立中山大學企業管理研究所碩士論文
二、 英文資料
Amihud, Y., & Lev, B. (1981). Risk Reduction as a Managerial Motive for Conglomerate Mergers. The Bell Journal Of Economics, 12(2), 605.
Bauer, F., Matzler, K., & Wolf, S. (2016). M&A and innovation: The role of integration and cultural differences—A central European targets perspective. International Business Review, 25(1), 76-86.
Barkema, H., Bell, J., & Pennings, J. (1996). Foreign Entry, Cultural Barriers, and Learning. Strategic Management Journal, 17(2), 151-166.
Berry, H., Guillén, M., & Zhou, N. (2010). An institutional approach to cross-national distance. Journal Of International Business Studies, 41(9), 1460-1480.
Buckley, P. J., & Casson, M. C. 1976. The future of the multinational enterprise. London: Macmillan.
Cartwright, S., & Cooper, C. (1996). Public policy and occupational health psychology in Europe. Journal Of Occupational Health Psychology, 1(4), 349-361.
Chakrabarti, R., Gupta-Mukherjee, S., & Jayaraman, N. (2008). Mars–Venus marriages: Culture and cross-border M&A. Journal Of International Business Studies, 40(2), 216-236.
Cooke, T. (1986). Merger and Acquisition (1st ed.). Oxford：Basil Blackwell.
Datta, D., Rajagopalan, N., & Rasheed, A. (1991). Diversification and Performance: Critical Review and Future Directions. Journal Of Management Studies, 28(5), 529-558.
Demsetz, H. (1973). Industry Structure, Market Rivalry, and Public Policy. The Journal Of Law And Economics, 16(1), 1-9.
Desai, M., Desai, M., Shah, C., & Desai, S. (1986). Schiff bases as corrosion inhibitors for mild steel in hydrochloric acid solutions. Corrosion Science, 26(10), 827-837.
DeYoung, R., Evanoff, D., & Molyneux, P. (2009). Mergers and Acquisitions of Financial Institutions: A Review of the Post-2000 Literature. Journal Of Financial Services Research, 36(2-3), 87-110.
Dikova, D., & Rao Sahib, P. (2013). Is cultural distance a bane or a boon for cross-border acquisition performance? Journal Of World Business, 48(1), 77-86.
Djankov, S., Hart, O., McLiesh, C., & Shleifer, A. (2008). Debt Enforcement around the World. Journal Of Political Economy, 116(6), 1105-1149.
Djankov, S., McLiesh, C., & Shleifer, A. (2007). Private Credit in 129 Countries. SSRN Electronic Journal, 12(2), 77-99.
Drogendijk, R., & Slangen, A. (2006). Hofstede, Schwartz, or managerial perceptions? The effects of different cultural distance measures on establishment mode choices by multinational enterprises. International Business Review, 15(4), 361-380.
Froese, F., & Peltokorpi, V. (2011). Cultural distance and expatriate job satisfaction. International Journal Of Intercultural Relations, 35(1), 49-60.
Hasan, M., Ibrahim, Y., & Uddin, M. (2016). Institutional distance factors influencing firm performance: A hypothetical framework from cross-border mergers and acquisitions. The Journal Of Developing Areas, 50(6), 377-386.
Hauser, B., & Bauer, F. (2014). Internal and external context specificity of leadership in M & A integration (1st ed.). BestMasters.
Hofstede, G. (1983). Cultural dimensions for project management. International Journal Of Project Management, 1(1), 41-48.
Hofstede, G. (2001). Culture`s consequences (2nd ed.). Thousand Oaks, CA [etc.]: Sage Publications.
Huang, Z., Zhu, H., & Brass, D. (2016). Cross-border acquisitions and the asymmetric effect of power distance value difference on long-term post-acquisition performance. Strategic Management Journal, 38(4), 972-991.
Hymer, S. (1960). The international operations of national firms (1st ed., pp. 195-197). Cambridge, Mass.: The MIT Press.
Jensen, M., & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal Of Financial Economics, 3(4), 305-360.
Joseph Allen, E. (2015). The influence of national culture on the value creating ability of organizations combined from an international merger and acquisition (Doctor of Management). University of Maryland University College.
Keesing, R. (1974). Theories of Culture. Annual Review Of Anthropology, 3(1), 73-97.
Lewellen, W. (1971). A Pure Financial Rationale for the Conglomerate Merger. The Journal Of Finance, 26(2), 521.
López-Duarte, C., & Vidal-Suárez, M. (2013). Cultural distance and the choice between wholly owned subsidiaries and joint ventures. Journal Of Business Research, 66(11), 2252-2261.
Magnusson, P., Baack, D., Zdravkovic, S., Staub, K., & Amine, L. (2008). Meta-analysis of cultural differences: Another slice at the apple. International Business Review, 17(5), 520-532.
Magnusson, P., Wilson, R., Zdravkovic, S., Xin Zhou, J., & Westjohn, S. (2008). Breaking through the cultural clutter. International Marketing Review, 25(2), 183-201.
Mihet, R. (2012). Effects of culture on firm risk-taking: a cross-country and cross-industry analysis. Journal Of Cultural Economics, 37(1), 109-151.
Malhotra, S., Sivakumar, K., & Zhu, P. (2011). Curvilinear relationship between cultural distance and equity participation: An empirical analysis of cross-border acquisitions. Journal Of International Management, 17(4), 316-332.
Morosini, P., Shane, S., & Singh, H. (1998). National Cultural Distance and Cross-Border Acquisition Performance. Journal Of International Business Studies, 29(1), 137-158.
Mueller, D. (1969). A Theory of Conglomerate Mergers. The Quarterly Journal Of Economics, 83(4), 643.
Opler, M., Kluckhohn, F., & Strodtbeck, F. (1961). Variations in Value Orientations. Ethnohistory, 8(4), 428.
Reus, T. (2012). Culture`s consequences for emotional attending during cross-border acquisition implementation. Journal Of World Business, 47(3), 342-351.
Rottig, D. (2017). Meta-analyses of culture’s consequences for acquisition performance. International Journal Of Emerging Markets, 12(1), 8-37.
Schipper, K., Weston, J., Chung, K., & Hoag, S. (1990). Mergers, Restructuring, and Corporate Control. The Journal Of Finance, 45(5), 1723.
Schooler, C., & Hofstede, G. (1983). Culture`s Consequences: International Differences in Work-Related Values. Contemporary Sociology, 12(2), 167.
Silhan, P., & Thomas, H. (1986). Using simulated mergers to evaluate corporate diversification strategies. Strategic Management Journal, 7(6), 523-534.
Slangen, A. (2006). National cultural distance and initial foreign acquisition performance: The moderating effect of integration. Journal Of World Business, 41(2), 161-170.
Stahl, G., & Voight, A. (2004). Meta-Analyses of the Performance Implications of Cultural Differences in Mergers and Acquisitions. Academy Of Management Proceedings, 2004(1), I1-I5.
Tylor, E. (1871). Primitive culture (3st ed.). Gloucester, Mass.: P. Smith.
Vaara, E., Junni, P., Sarala, R., Ehrnrooth, M., & Koveshnikov, A. (2013). Attributional tendencies in cultural explanations of M&A performance. Strategic Management Journal, 35(9), 1302-1317.
Watkins, M., & Herskovits, M. (1955). Cultural Anthropology. The Journal Of Negro History, 40(4), 365.
Waugh, B., Herskovits, M., & Herskovits, F. (1960). Dahomean Narrative: A Cross-Cultural Analysis. Western Folklore, 19(2), 147.
Williams, L., Buono, A., & Bowditch, J. (1990). The Human Side of Mergers and Acquisitions: Managing Collisions Between People, Cultures, and Organizations. Administrative Science Quarterly, 35(3), 568.
Williamson, O. (1977). The vertical integration of production: market failure consideration. American Economics Review, 61(2), 112-123.
描述 碩士
國立政治大學
企業管理研究所(MBA學位學程)
104363088
資料來源 http://thesis.lib.nccu.edu.tw/record/#G1043630881
資料類型 thesis
dc.contributor.advisor 譚丹琪zh_TW
dc.contributor.author (作者) 吳承翰zh_TW
dc.creator (作者) 吳承翰zh_TW
dc.date (日期) 2017en_US
dc.date.accessioned 31-七月-2017 11:35:36 (UTC+8)-
dc.date.available 31-七月-2017 11:35:36 (UTC+8)-
dc.date.issued (上傳時間) 31-七月-2017 11:35:36 (UTC+8)-
dc.identifier (其他 識別碼) G1043630881en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/111591-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 企業管理研究所(MBA學位學程)zh_TW
dc.description (描述) 104363088zh_TW
dc.description.abstract (摘要) 本研究收集2000年~2013年間，主併公司為台灣企業，目標公司為非台灣企業且已完成、非自我合併之207個併購案件為樣本，針對文化距離是否對於跨國併購績效有所影響之研究。研究方法使用事件研究法，將事件窗口設為併購宣告之前後五天，得出累積異常報酬率並以此作為衡量併購績效之標準，以之為應變數、文化距離為自變數進行回歸模型分析。本研究分析回歸模型後發現，文化距離與併購績效成顯著正相關。由於在文化距離與母國愈大的地區進行併購，使得主併企業對於各地差異化市場的回應能力強化、得到跨國知識技能轉移、國際化經驗獲得以及市場投資人看好新興市場開發，使得文化距離與併購績效產生正相關。zh_TW
dc.description.tableofcontents 第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究問題 3
第二章 文獻探討 4
第一節 併購意義 4
第二節 文化定義 12
第三節 國家文化與併購績效之關聯 16
第三章 研究方法 23
第一節 研究假設 23
第二節 樣本描述 27
第三節 異常報酬率分析 32
第四節 模型變數分析 43
第五節 模型描述 46
第四章 實證結果分析 49
第一節 回歸模型結果分析 52
第二節 自變數實證結果 54
第五章 結論 56
第一節 研究結論 56
第二節 研究限制與未來方向 59
第三節 管理意涵 60
參考文獻 62		zh_TW
dc.format.extent 1100024 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1043630881en_US
dc.subject (關鍵詞) 跨國併購績效zh_TW
dc.subject (關鍵詞) 文化距離zh_TW
dc.subject (關鍵詞) 事件研究法zh_TW
dc.subject (關鍵詞) 異常報酬zh_TW
dc.title (題名) 文化距離與併購績效之關聯性研究zh_TW
dc.title (題名) The research of the relationship between cultural distance and M&A performanceen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 一、 中文資料
呂桂玲、方慧娟、李榮謙，(2001)，國際間金融整合之發展、問題與啟示，國際金融參考資料，四十七卷
李進龍、呂巍、郭冰，(2012)，制度約束、國家文化差異與企業跨國併購績效-文化差異的競爭性中介作用，上海管理科學，三十四卷四期，12-16頁
林惠玲、葉日崧、曹海濤，(2007)，中國大陸企業對外直接投資之分析，國立台灣大學社科院邁向頂尖大學計畫書
陳麗宇、賴蓉禾，(2013)，董事經驗對企業海外直接投資績效之影響-以美國企業國際併購宣告為例，中山管理評論，21卷1期，199-237頁
張大成、沈中華、朱德芳、謝智源，(2009)，公平交易法對服務業績效之評估與未來展望-以金融業為例，行政院公平交易委員會委託研究報告
莊雅涵，(2015)，跨國併購經驗對併購表現影響之研究-以台灣企業跨國併購為例，國立政治大學國際經營與貿易研究所碩士論文
葉士榮，(2007)，主併公司併購後短期宣告效果與營運績效衡量-台灣上市公司之實證研究，國立交通大學財務金融研究所碩士論文
葉以晨，(2014)，台灣企業國內外購併宣告對股價之影響，國立政治大學國際經營與貿易研究所碩士論文
楊詠清，(2014)，相關與非相關購併對股價之影響，國立政治大學國際經營與貿易研究所碩士論文
蔡映瑄，(2011)，企業學習經驗、國家文化距離與企業海外進入模式，國立政治大學國際經營與貿易研究所碩士論文
蘇倬漢，(2010)，台灣地區上市公司併購宣告對股東財富影響之研究，國立中山大學企業管理研究所碩士論文
二、 英文資料
Amihud, Y., & Lev, B. (1981). Risk Reduction as a Managerial Motive for Conglomerate Mergers. The Bell Journal Of Economics, 12(2), 605.
Bauer, F., Matzler, K., & Wolf, S. (2016). M&A and innovation: The role of integration and cultural differences—A central European targets perspective. International Business Review, 25(1), 76-86.
Barkema, H., Bell, J., & Pennings, J. (1996). Foreign Entry, Cultural Barriers, and Learning. Strategic Management Journal, 17(2), 151-166.
Berry, H., Guillén, M., & Zhou, N. (2010). An institutional approach to cross-national distance. Journal Of International Business Studies, 41(9), 1460-1480.
Buckley, P. J., & Casson, M. C. 1976. The future of the multinational enterprise. London: Macmillan.
Cartwright, S., & Cooper, C. (1996). Public policy and occupational health psychology in Europe. Journal Of Occupational Health Psychology, 1(4), 349-361.
Chakrabarti, R., Gupta-Mukherjee, S., & Jayaraman, N. (2008). Mars–Venus marriages: Culture and cross-border M&A. Journal Of International Business Studies, 40(2), 216-236.
Cooke, T. (1986). Merger and Acquisition (1st ed.). Oxford：Basil Blackwell.
Datta, D., Rajagopalan, N., & Rasheed, A. (1991). Diversification and Performance: Critical Review and Future Directions. Journal Of Management Studies, 28(5), 529-558.
Demsetz, H. (1973). Industry Structure, Market Rivalry, and Public Policy. The Journal Of Law And Economics, 16(1), 1-9.
Desai, M., Desai, M., Shah, C., & Desai, S. (1986). Schiff bases as corrosion inhibitors for mild steel in hydrochloric acid solutions. Corrosion Science, 26(10), 827-837.
DeYoung, R., Evanoff, D., & Molyneux, P. (2009). Mergers and Acquisitions of Financial Institutions: A Review of the Post-2000 Literature. Journal Of Financial Services Research, 36(2-3), 87-110.
Dikova, D., & Rao Sahib, P. (2013). Is cultural distance a bane or a boon for cross-border acquisition performance? Journal Of World Business, 48(1), 77-86.
Djankov, S., Hart, O., McLiesh, C., & Shleifer, A. (2008). Debt Enforcement around the World. Journal Of Political Economy, 116(6), 1105-1149.
Djankov, S., McLiesh, C., & Shleifer, A. (2007). Private Credit in 129 Countries. SSRN Electronic Journal, 12(2), 77-99.
Drogendijk, R., & Slangen, A. (2006). Hofstede, Schwartz, or managerial perceptions? The effects of different cultural distance measures on establishment mode choices by multinational enterprises. International Business Review, 15(4), 361-380.
Froese, F., & Peltokorpi, V. (2011). Cultural distance and expatriate job satisfaction. International Journal Of Intercultural Relations, 35(1), 49-60.
Hasan, M., Ibrahim, Y., & Uddin, M. (2016). Institutional distance factors influencing firm performance: A hypothetical framework from cross-border mergers and acquisitions. The Journal Of Developing Areas, 50(6), 377-386.
Hauser, B., & Bauer, F. (2014). Internal and external context specificity of leadership in M & A integration (1st ed.). BestMasters.
Hofstede, G. (1983). Cultural dimensions for project management. International Journal Of Project Management, 1(1), 41-48.
Hofstede, G. (2001). Culture`s consequences (2nd ed.). Thousand Oaks, CA [etc.]: Sage Publications.
Huang, Z., Zhu, H., & Brass, D. (2016). Cross-border acquisitions and the asymmetric effect of power distance value difference on long-term post-acquisition performance. Strategic Management Journal, 38(4), 972-991.
Hymer, S. (1960). The international operations of national firms (1st ed., pp. 195-197). Cambridge, Mass.: The MIT Press.
Jensen, M., & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal Of Financial Economics, 3(4), 305-360.
Joseph Allen, E. (2015). The influence of national culture on the value creating ability of organizations combined from an international merger and acquisition (Doctor of Management). University of Maryland University College.
Keesing, R. (1974). Theories of Culture. Annual Review Of Anthropology, 3(1), 73-97.
Lewellen, W. (1971). A Pure Financial Rationale for the Conglomerate Merger. The Journal Of Finance, 26(2), 521.
López-Duarte, C., & Vidal-Suárez, M. (2013). Cultural distance and the choice between wholly owned subsidiaries and joint ventures. Journal Of Business Research, 66(11), 2252-2261.
Magnusson, P., Baack, D., Zdravkovic, S., Staub, K., & Amine, L. (2008). Meta-analysis of cultural differences: Another slice at the apple. International Business Review, 17(5), 520-532.
Magnusson, P., Wilson, R., Zdravkovic, S., Xin Zhou, J., & Westjohn, S. (2008). Breaking through the cultural clutter. International Marketing Review, 25(2), 183-201.
Mihet, R. (2012). Effects of culture on firm risk-taking: a cross-country and cross-industry analysis. Journal Of Cultural Economics, 37(1), 109-151.
Malhotra, S., Sivakumar, K., & Zhu, P. (2011). Curvilinear relationship between cultural distance and equity participation: An empirical analysis of cross-border acquisitions. Journal Of International Management, 17(4), 316-332.
Morosini, P., Shane, S., & Singh, H. (1998). National Cultural Distance and Cross-Border Acquisition Performance. Journal Of International Business Studies, 29(1), 137-158.
Mueller, D. (1969). A Theory of Conglomerate Mergers. The Quarterly Journal Of Economics, 83(4), 643.
Opler, M., Kluckhohn, F., & Strodtbeck, F. (1961). Variations in Value Orientations. Ethnohistory, 8(4), 428.
Reus, T. (2012). Culture`s consequences for emotional attending during cross-border acquisition implementation. Journal Of World Business, 47(3), 342-351.
Rottig, D. (2017). Meta-analyses of culture’s consequences for acquisition performance. International Journal Of Emerging Markets, 12(1), 8-37.
Schipper, K., Weston, J., Chung, K., & Hoag, S. (1990). Mergers, Restructuring, and Corporate Control. The Journal Of Finance, 45(5), 1723.
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